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| DON'T believe the fake 'Martin Lewis' or 'MSE' ads |
| Do you EVER go overdrawn, even just once a year? Overdrafts are by far the most expensive form of mainstream debt. Most charge 40%, almost double a bog-standard high-street credit card. No wonder Martin calls them the new DANGER DEBT - and his recent Twitter poll on them was eye-opening. While two-thirds don't touch their overdraft (check Best bank accounts if that's you), a good chunk of those who do are constantly in it. So we wanted to break down your options into three categories... 'I only dip in once or twice a year.' Free £175 and ONGOING 0% overdraft. Go above your £25ish buffer zone and overdrafts are costly, so the holy grail is an account that combines good in-credit & overdraft offers. First Direct*, rated highly for customer service (90% 'great'), gives accepted switchers £175, and many get an ongoing £250 0% overdraft too (its eligibility calc will tell you in advance), meaning most dippers are never charged a penny.To get the £175, you need to pay £1,000 once, so it can just be your income going in (if it's less, say £500, pay that in, then withdraw it and pay it back in again to count). It also has a linked 7% one-year fixed regular saver you can put up to £300/mth in (max interest £137/yr). Full info & eligibility in our First Direct review. 'I'm often overdrawn.' What matters is how big the overdraft is. If it's little and often, we'd again suggest First Direct* (see above), as if your overdraft's up to £425, the free switch cash pays some off and the rest is interest-free. If the overdraft is more substantial, look at the options in point 3 too. 'I'm almost constantly overdrawn.' Free £200 and one-year 0% overdraft (or shift it to a 0% card). If the overdraft's always small, follow point 1. Otherwise consider the overdraft a debt priority and focus on getting rid. - Free £200 & a 1yr 0% overdraft. Nationwide FlexDirect gives a year's 0% overdraft up to £1,500, credit-check dependent (it'll let you know early in the application). New switchers can also get £200, which can reduce what you owe. Yet the 0% only lasts a year, it's 39.9% after, so focus on clearing the debt in that time - see below. - Shift overdraft to a special 0% card. With a specialist '0% money transfer' credit card, for a small one-off fee the card pays cash into your bank that clears the overdraft, so you then owe the card instead, but at 0%. Read our step-by-step Money transfers guide, as it can be tricky. - Not accepted for 0%? App-based Starling* and Monzo* both have tiered overdraft rates cheaper than other banks (15%, 25% or 35% for Starling and 19%, 29% or 39% for Monzo). Both have eligibility calcs on their sites. - Rejected for everything? Speak to your existing bank. It is required to treat you fairly, so ask if it can reduce your interest or find another way to help, eg, a loan at a lower interest rate with set repayments. If that fails and/or you've other debts piling up too, see our list of free debt counsellors who can help come up with other solutions. Tips to help reduce your overdraft. Full help in Cut overdraft costs, but in short... - Treat it like the debt it is. Aim to repay a set amount each month, eg, £100. So if you've £500 at the end of this month, budget hard so it's £400 at the end of the next month, £300 after that etc. - Always pay off the highest APR debt first, for many that's the overdraft. List all debts in order of interest rate, focus all spare cash on clearing the highest (once it's cleared, move to the next highest) and just pay minimums on the others. So you may find yourself paying minimums on credit cards to reduce your overdraft. - Do a proper budget. Our Budget planner can help you check if you can free up cash. Then try piggybanking. - Shift your direct debits to just before you're paid. This way, your balance is higher for longer, minimising interest. - Check if you can reclaim bank charges. If past charges caused financial hardship, you may be able to reclaim 'em. |
| Stop press: New energy deal - 3% off energy bills available for almost anyone for a year. E.on has opened its Pledge variable tariff up to new as well as existing direct debit customers. It promises a 3% discount (so £50/yr at typical use) to the Price Cap, that most homes are on, for a year. Want to fix? It's also launched the open market's cheapest standalone 12mth fix. Our Should you fix? guide helps you compare 'em. New Martin vid: Did you go to uni in last 10 or 15 years? Millions are owed £100s back on student loans. One million overpaid last year alone. Watch Martin's new student loan reclaiming explainer video. Millions of mobile users may get £1,000+ payouts if new group lawsuit succeeds. Plans are afoot to take EE, O2, Three and Vodafone to court for overcharging. It's early days, but see Mobile 'loyalty penalty' lawsuit. New. Longest 0% spending cards, up to 21mths interest-free. If you need to borrow, nowt is cheaper than interest-free. Barclaycard's up to 21mths 0% is longest - our eligibility calc will show if you're pre-approved (link goes via that), if not, you may just get 10mths. Yet with the new M&S Bank 20mths' 0% card, all accepted get the full 20mths plus you earn M&S points too. Golden rules: 1) Never borrow unless needed, and only do it for planned, budgeted-for one-off purchases, not to fill income gaps willy-nilly. 2) Always pay at least the min monthly payment or you can lose the 0%. 3) Never withdraw cash. 4) Clear debt before the 0% ends or you pay 24.9% rep APR. Full help in 0% spending cards. 35,000 FREE water pipe & tap protectors and 100,000s more water freebies. Over 750,000 other water-saving gadgets are available free. Find out what your water company offers in winter water-savers. £157 Ciaté beauty set £28 all-in, including eye palette, lipstick & more. MSE Blagged. 10-piece box set. Ciaté Are you due a share of £81 million in unclaimed Premium Bond prizes? Most are paid automatically these days, but if you have older bonds or have ever had prizes paid by cheque, see how to check for missing prizes. Can't afford to clear your credit cards? Shift debt to 28mths INTEREST-FREE. We warned top deals mightn't be around long, and unfortunately last week's top-pick card has already had its fee hiked. So if you've debt, check NOW to see if you can save £100s ASAP. ASK ME ANYTHING & SWITCH ENERGY... The Martin Lewis Money Show Live, 8pm tonight (Tue), ITV1. Over to Martin: "I'll be starting the show with my big briefing on those urgent new energy tariffs most can save with. After that it's up to you, I want to ensure you'll be tooled up on all you need know before Christmas. To suggest a question, tweet using #MartinLewis or email the show team at martinlewis@itv.com. Do spread word, watch or set the Betamax (or catch up later via ITVX)." |
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| Martin: Please help spread word to 10,000s eligible but unaware
The amounts involved can be life-changing - we've had some getting up to £40,000, and the messages are very moving. Elizabeth emailed: "My partner died in 2019, I had a 17-year-old at college and I got no help. Thanks to your report I applied and today received £9,800, it's paying my credit card bill for the funeral. It will entirely wipe off my debts. Thanks so much." As did Lynda: "My step-grandson received over £9,000 within two weeks. His partner died after having an epileptic seizure whilst breast-feeding their five-month-old son. They also had a four-year-old. He's paid off his debts and booked a holiday for himself and his young boys. He has really struggled and been unable to work more than a few hours. Now he can see light at the end of the tunnel. I am so glad I read the weekly newsletter." Who is eligible for UNMARRIED couples' backdated support? It's not means-tested. The key criteria are you must've:1) Been under state pension age on 30 Aug 2018 (so those born after 30 Aug 1953). 2) Been living 'as married' at the time your partner died, which basically means a cohabiting couple. 3) Had a child eligible for Child Benefit at the time your partner died, ie, under 16, or under 20 in full-time education. If they were eligible but you weren't claiming (eg, as one of you was a higher-rate taxpayer), that still counts.
The widowed parent's allowance is a TAXABLE benefit. If your unmarried partner died before April 2017, you may be eligible for a backdated payout (see above for eligibility criteria). - The max is £139 a week (£7,233/yr), yet this all depends on how much national insurance your partner paid. - It's PAID FROM the later of Aug 2018 or when your partner died and PAID UNTIL either your youngest child's no longer eligible for Child Benefit, you reach state pension age, or you marry/cohabit with a new partner. - The payout can be £10,000s but lump sum usually won't impact benefits entitlement for 12mths (any weekly amount may, and after 12mths any remaining lump sum money may). - How to claim: Just post the filled-in form to them. Bereavement support payments are TAX-FREE. If your spouse or partner passed away since April 2017, you may be eligible for a backdated payout (see above for who can claim what) for some or all of the following: - Lower rate (married couples, no kids): £2,500 lump sum followed by up to 18mths of £100/mth. - Higher rate (couples with kids): £3,500 lump sum followed by up to 18mths of £350/mth. - Monthly payment never affects benefit entitlement. Lump sum won't for 12mths (after that, remaining money may). - How to claim: You can fill in an online form or call. | ||||||||||||
| New: How to understand pensions, APRs, economy, tax, energy, insurance, shares & more. I asked what financial things you can't get your head around, 1,000s answered, so in the pod I go through a selection of beginners' guides - great and worth listening to with young adults & teens. Do listen to the new The Martin Lewis Podcast via BBC Sounds, Spotify, Apple Podcasts & more. Cheapest ever iPhone 14 '£30/mth'. MSE Blagged. Newbies to Three can get a 128GB iPhone 14 on a 24mth contract with 300GB data, via MobilePhonesDirect. It's £19 upfront, then £29/mth, so you pay £715 over the 2yrs, only a few pounds more than buying a new iPhone 14 handset alone. Note that MobilePhonesDirect is responsible for the handset, Three for the contract. Want a different handset? See Cheap Mobile Finder. Grüum men's shave/beard bundle £16 (normally up to £47). MSE Blagged. 20,000 available. Grüum Inflation-linked mid-contract broadband, TV and mobile price hikes to be banned. The regulator has proposed new rules which'd see firms having to state exact price hikes upfront. Early days, but see Inflation hikes banned for full info. 1,100,000 pensioners miss out on attendance allowance, but best to CALL to get the form. Last week we launched our new Attendance allowance guide, as many state pensioners who need help at home - whether due to illness or disability - are missing out on £3,500+/yr. We got lots of feedback stressing that calling to ask for a form is best as that starts the claim, whereas download it and the claim only starts when you send it in. It was in the guide, but clearly not loudly enough. Updated. Is it better to leave your heating on low all day or only turn it on when needed? It's a hot potato (or a lukewarm one, depending on your view). We've updated our research to try and present the arguments in more detail. See heat on all day? In Scotland, or live in a park home? Are you missing out on a FREE £150 for energy bills? Scottish households and park home residents on certain benefits can get £150 off energy bills under the Warm Home Discount (WHD) scheme, but most have to apply. Payments are on a first come, first served basis, so do it ASAP. See how to apply for WHD. Puma 25% off code. MSE Blagged. It's valid on both full price and already-reduced sale items. Puma |
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| AT A GLANCE BEST BUYS
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| THIS WEEK'S POLL How much will you spend in total on Christmas this year? It's often a time when we spend a lot of money, but the cost of living crisis may temper this. So we want to know - including food, drink, presents and more - how much are you planning to spend on Christmas this year, and is it more or less than you would typically spend? Let us know in this week's poll. TalkTalk, Plusnet, Sky, O2, Virgin Media and the RAC are the easiest firms to haggle with. Last week, we asked which companies you've tried to haggle with in the past year, and if you got a better deal - over 2,000 of you responded. More than 80% of MoneySavers who'd tried haggling over broadband bills with TalkTalk, Plusnet and Virgin Media reported some form of success. Haggling with mobile providers also bore fruit, with over 70% who tried having success with Sky and O2. For breakdown cover, 85% found success haggling with the RAC. See full haggling poll results. |
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| MONEY MORAL DILEMMA Should we give our children from previous relationships gifts of the same value? My partner and I both have adult children from previous relationships. We got together three years ago, and historically we've spent different amounts on our children, with him giving more to his kids than I do to mine. We've been discussing whether we should make things fairer by giving gifts of the same value, but realise it'll likely upset his or my children depending on how we change things. Should we try to be fairer, or carry on as before? Enter the Money Moral Maze: Should we give our kids gifts of the same value? | Suggest a Money Moral Dilemma |
| MARTIN'S APPEARANCES (TUE 12 DEC ONWARDS) Tue 12 Dec - The Martin Lewis Money Show Live, ITV1, 8pm (watch previous episodes) |
| TREE CRISPS AND CHRISTMAS PUDDING BURGER - WHAT ARE THE WEIRDEST FESTIVE FLAVOUR COMBOS? That's all for this week, but before we go... it's time for our annual 'What weird festive food mashups have you seen/tasted this year?' Forumites always have an eagle eye for odd crisp flavours, with Christmas tree (!), Christmas pudding, and Boxing Day curry flavours all spotted on shelves so far. The sage, onion and cranberry bread had its fans (and its detractors), but nothing split the audience like MSE James's local pub's Christmas pudding burger - a charcoaled brioche bun, sausage, bacon, cheese custard... and Christmas pudding chutney. See all the weird combos and share your best (and worst) festive flavours on the MSE Forum. We hope you save some money, |
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